29 Jun 2010

Drilling starts at new oil well off Taranaki

7:16 am on 29 June 2010

Oil exploration companies have begun drilling a new well off the coast of Taranaki.

The Kan Tan IV on Monday began drilling the Kahu well, east of the Tui oil field.

The well is being drilled in a water depth of 122 metres and is expected to reach a depth of 3820 metres.

Shares in New Zealand Oil & Gas, a 12.5% partner in the well, rose 1 cent to $1.28 on Monday. The share price of 10% partner Pan Pacific Petroleum was unchanged at 21 cents.